Moving House Mortgage | Mortgages | Ulster Bank

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Tracker & Negative Equity mortgages

Helping you get a move on

Lending criteria, terms and conditions apply. Over 18s only and Republic of Ireland residents only. Mortgaged property must be in Republic of Ireland. Security, buildings insurance and life cover required.

Is it time for your next move?We understand your circumstances may have changed

Our Tracker & Negative Equity mortgages are for existing residential customers who wish to move to a new home but are either on a tracker rate or who are in negative equity, or indeed are both on a tracker rate and in negative equity.

Tracker & Negative Equity excludes investment properties and is only available on your main home.

If you are ready to make a move you could talk to one of our Mortgage Specialists and find out how much you could borrow in 10 minutes with our Approval in Principle.

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What happens to my tracker rate after 10 years?

After the 10 year period, your ECB tracker rate will revert to the Ulster Bank Standard Variable Rate (SVR), unless an alternative rate is chosen.

You will be eligible to choose a rate from our range of fixed and variable rates available at that time.

SVR is currently 4.30% (4.4% APRC). SVR is not available to new customers. As SVR is not linked to the ECB base rate, the rate can increase at any time even if there is no change in the ECB base.

Repayment example Assuming a total amount of credit of €100,000 repayable over 20 years at a borrowing rate of 4.3% (variable), the cost per month is €621.90 excluding insurance. The total amount to be repaid is €149,294 which includes a release of security fee of €38. The Annual Percentage Rate of Charge is 4.4% (variable). The additional cost per month of a 1% rise in the rate of interest of such a mortgage is €54.74 and would be payable monthly.

I’m on a tracker rate & want to move home

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How much can I borrow?

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Can I take my current rate with me?

You cannot transfer your existing tracker rate to your new home, however you can choose our 10 year European Central Bank (ECB) tracker rate of ECB+2.00% (2.6% APRC variable) for loan amounts up to your current level of tracker borrowings.

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What happens to my tracker rate after 10 years?

After the 10 year period, your ECB tracker rate will revert to the Ulster Bank Standard Variable Rate (SVR), unless an alternative rate is chosen.

You will be eligible to choose a rate from our range of fixed and variable rates available at that time.

SVR is currently 4.30% (4.4% APRC). SVR is not available to new customers. As SVR is not linked to the ECB base rate, the rate can increase at any time even if there is no change in the ECB base.

Repayment example Assuming a total amount of credit of €100,000 repayable over 20 years at a borrowing rate of 4.3% (variable), the cost per month is €621.90 excluding insurance. The total amount to be repaid is €149,294 which includes a release of security fee of €38. The Annual Percentage Rate of Charge is 4.4% (variable). The additional cost per month of a 1% rise in the rate of interest of such a mortgage is €54.74 and would be payable monthly.

If you current home is worth €120,000 with an outstanding tracker mortgage of €200,000, your negative equity is €80,000 and your existing loan to value (LTV) is 167%.

Trade-up

If you purchase a new home at €300,000 together with the negative equity of €80,000 this gives a total new mortgage of €380,000. Your new LTV is 127%.

You could can borrow €200,000 at a new 10 year tracker rate, which will be based on your existing tracker rate and the new LTV of 127%. For the additional €180,000, our fixed and variable rate options for 90% loan to value (LTV) customers are available to you.